PH auto industry remains 2nd fastest growing in Asia

In the latest data released by ASEAN Automotive Federation, the Philippines automotive industry maintained its position as the second fastest growing market in Southeast Asia despite a decline in sales in February.

The data showed that the Philippine automotive industry percent growth was 17.4 which went second to Myanmar’s year-to-year acceleration of 39.5, thus moved up to become the second fastest growing automotive market in the opening of 2017, after being ranked third last year.

A 9% increase in vehicle sales was recorded in the region, with over 507,072 units for the first two months, compared from last year’s 464,997.

Meanwhile, the Philippine motorcycle market has lost its position as the fastest growing market in the region in terms of sales growth, after being overtaken by Singapore with an 11.2% year-by-year growth.

According to an article from Philippine Star, in terms of production, a total number of locally produced vehicle in January and February stood at 22,651 units, while motorcycles reach 200,997 units.